LTC may be toast, but according to the WSJ they are still soliciting customers:
In spite of the results, however, Mr. Meriwether tried to persuade investors to put up more capital. The firm "believes that it is prudent and opportunistic to increase the level of the Fund's capital to take full advantage of this unusually attractive environment" in the bond-arbitrage markets, he wrote. The fund, he continued, is "offering you the opportunity to invest in the Fund on special terms related to LTCM fees."
Talks With Soros
In recent weeks, Long-Term Capital has offered to cut its fees to an annual 1% of assets and 12.5% of profits for new investors, according to several people knowledgeable of the firm's pitch. Long-Term Capital also has held discussions recently with Soros Fund Management about a $500 million investment by Soros hedge funds into Long-Term Capital, according to someone knowledgeable about the talks. Soros declined to make an investment, this person said. Stanley Druckenmiller, Soros's chief investment strategist, declines to comment.
What a deal.
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